German biotech Morphosys makes excellent Nasdaq debut

Germany-based biotech Morphosys could not have made any better debut in the Nasdaq. Starting from $25.04, its share price reached $26.16 at the end of its first trading day and closed at $26 last Friday. Morphosys is already traded in Germany in the TeeDax and has now been listed in the Nasdaq with 2.075m new shares, taking the company’s total shares number to 31.5m. The company now has a reserve over €450m, which makes it the top German biotech. This liquidity injection is very significant since Morphosys expects research costs to increase to €100m in 2018 and operational losses to be €110 to 120m. Morphosys’ main asset is clearly MOR208, a treatment targeting some blood cancer types, which the company is planning to market in the US by 2020.

(Source: FAZ)